Cityscape sees record sale of off-plan properties

DUBAI, October 12, 2017

The Dubai Land Department has reported that sales of off-plan properties at this year’s Cityscape Global surged to more than Dh870 million ($237 million), with a steady stream of sales expected in the coming month on the back of the event’s success,

The region’s largest real estate and investment event, Cityscape Global saw the introduction of on-site sales for all UAE projects, and hosted hundreds of prominent local and international companies offering an array of exclusive deals.

The expo welcomed 45,500 participants during the three days, registering a growth of almost 20 per cent year on year, said the event organisers Informa.

According to Informa, 66 per cent of the surveyed visitors stated they intend to make a purchase or do businesses with a company onsite, while exhibitors were expected to generate on average Dh22 million ($5.9 million) as a result of participating in the event.

“It was encouraging to see such an influx of participants this year, and with the number of deals being made on-site, and it was evident to see that the attractive offers, and flexible payment plans being promoted by exhibitors appealed to all visitors at the show,” remarked Tom Rhodes, the exhibition director for Cityscape Global.

Property Monitor, the UAE’s leading real estate intelligence platform and the show’s data partner, cited a further 617 registered off-plan sales in the week following Cityscape Global, demonstrating the event’s impact in the real estate industry.

Lynnette Abad, partner and head of Property Monitor, said: "It’s important to note that with both the registered DLD transactions during the show as well as the week after the event, off-plan sales for apartments outnumbered those for townhouses and villas."

"This highlights the shift in investors’ and end-users’ preference, which is likely backed by the location of the property, security of investment and income yields," he added.

Many exhibitors reported a successful year at Cityscape Global: Azizi Developments sold out its phase one units for the Dh12-billion waterfront project, Azizi Riviera; while an anonymous buyer of one Omniyat’s One Palm units broke the record for the most expensive penthouse, with a final price of Dh102 million.

Additionally, Aldar’s ‘Water’s Edge’ project generated $109 million in sales in the first phase, citing that more units of the $653.4 million development will be available in the near future, said the organisers.

The show witnessed a host of new project launches and masterplan unveilings from major developers such as Nakheel's Dh4 billion worth of developments; Union Properties' Dh8 billion masterplan for MotorCity; and Deyaar's Dh1b South Bay in Business Bay, they added.-TradeArabia News Service